Financing in San Antonio>Question Details

Monicas, Home Buyer in San Antonio, TX

Need Agent that can help a 1st time buyer. My Credit score 560. Don't know where to start.Is it possible?

Asked by Monicas, San Antonio, TX Wed Nov 3, 2010

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Laughable! You need a 640 credit score before any major bank will look at you.

And the chick from texas quoting 4% fixed on a 560 credit score does not offer an apr and is in violation of Truth in Lending Act.

Lodge a complaint
1 vote Thank Flag Link Tue Nov 16, 2010
Hello Monicas,

I see you've already been asking recently here on Trulia for help with this. If you find that you will need credit repair or help improving your score (which you will need) if you go the conventional lending route; then you will certainly want to start getting on that now. In fact, these 2 months of the year are the absolute best months to challenge items on your credit hands down. I would suggest you start early and hit it hard.

If you are looking for seller financing deals; there are those that are out there; but you will certainly need to do much due diligence up front as there can be many, many ways you can be royally burned.

God bless,
Web Reference:
1 vote Thank Flag Link Wed Nov 3, 2010
Monicas - See your previous question for lots of helpful answers:…

Matt Stigliano, Realtor®
RE/MAX Access
(210) 646-HOME
"Your all access pass to San Antonio real estate."
1 vote Thank Flag Link Wed Nov 3, 2010
The quick answer is yes... We have been working with folks with bad credit and no money for 15 years!! LOL!! We can help you to fix up your credit, introduce you to a few lending programs we have been very successful with for folks who have credit issues... and get you into a home!

Where there is a will... there is a way.
0 votes Thank Flag Link Fri Dec 17, 2010
Your best bet is to see if you can get a LOAN 1st, not find an agent. Talk to your local banker ASAP and see what programs might be available to you.

Good luck,
0 votes Thank Flag Link Wed Nov 24, 2010
credit scores do not rise from 560 to 640 in 3 months! 560 indicates some major CURRENT issues
0 votes Thank Flag Link Wed Nov 24, 2010
I would recommend that you would need to seek advice in increasing your credit score, before considering purchasing your 1st home. Increased credit score might reduce the financing costs. It could take few months to a year to increase the credit score.
0 votes Thank Flag Link Wed Nov 24, 2010
Hello Monica,

Your credit score may seem far from the typically required 640 but it can take as little as 2-3 months to get it there. There are various factors that drive a credit score so I suggest a Realtor that works with the right type of lenders that can guide you. Some easy tips would be to pay down existing credit card debt to no more than 20% of the total limit available. If you dont have revolving credit, it is easy to establish it with the right bank.

By the way, there are other programs that can help you including down payment assistance through bond money. Let me know if I can be of help!
0 votes Thank Flag Link Wed Nov 24, 2010
Terrence, Your comments are the best of all, did you even click on the lending tree link???

Every rate listed on lending tree link that you provided has the APR stated next to it! Bahhhaaaaaaa!

Why does Lending Tree state the APR next to the interest rate?? Because its FEDERAL LAW!

Gotta love realtors!

Terrence Charest states...


I must say that you are wrong. The difference is the advertising of the loan and the actual loan offer for the borrower(s). "Realty Broker" in my opinion was advertising and not making an actual offer. Without actually running a credit check, seeing what monies are on hand and looking at Monica's debt to income ratio Realty Broker can not make an actual offer and would be very foolish to do so.

Here is a Lending Tree link:
NO WHERE in the disclosures does it even mention "APR". Go start your lawsuit with them. Let us know if you win that case, then and ONLY then will I publicly apologize in this forum to you and I would ask everyone else to do the same.
0 votes Thank Flag Link Fri Nov 19, 2010
To answer your question, By stating that the buyer can get a rate as low as 3.99%, you are IN FACT REQUIRED to provide the APR as required by Federal law. Safe act didnt teach you that?
0 votes Thank Flag Link Thu Nov 18, 2010
I think know-it-all people who think they know the laws should stay out of finance and every other area unless they are asking a question.

So in your line of thinking, every advertisement that states "...interest rates as low as 3.99%." should also be advertising what the APR would be?? Please.

I bet you're a neighborhood lawyer too. Or are you one of those types that fake a fall in a store to sue them?
0 votes Thank Flag Link Wed Nov 17, 2010
Question: "Need Agent that can help a 1st time buyer. My Credit score 560. Don't know where to start.Is it possible?"

Answer, "My interest rate is 4.0% on a 30 year fixed. I am best qualified to help you."

This is a direct violation of Regulation Z of the Truth in Lending Act

To get a 4% purchase rate with a 560 credit score, (which IS NOT EVEN OFFERED on Nov 16, 2010!) how much would the buyer need to pay down in points?? What kind of fees are associated to get a loan at 4% with a 560 credit score???

Realtors, please stay the hell out of finance!
0 votes Thank Flag Link Wed Nov 17, 2010
Before you need an agent, you need to work on getting that credit score up to a 640. It is difficult to get a mortgage nowadays, but especially difficult if you don't qualify to begin with. Work with someone like a credit counseling company to help you raise your scores. You mayhave to pay off some old debt before you can purchase a home.
0 votes Thank Flag Link Wed Nov 17, 2010
While I'm not a lawyer or an expert in financial legalities, I do know enough about Regulation Z to comment.

The interest rate and period of payment (both which are mentioned) are "triggering terms" according to Regulation Z and because they are used, additional information should be given.…

However, knowing Realty Call Center's other work, causes me to believe they were not offering a loan, but stating what terms they received for their own home loan.…

Of course, I would then question what exactly the answer meant - I know people who have had interest rates higher and lower than myself, my personal home loan doesn't determine anyone else's outcome when applying for a loan, so it's really irrelevant.

I'm not sure Realty Call Center is a "chick" either - from what I can tell, the photo is just of a woman with a headset - I believe Realty Call Center is a broker named Joe. I've never understood that quite clearly, though, so I wouldn't quote me on that. Maybe they can clear that up, so I don't wonder about it anymore.

Daniel - Curious, do you have previous real estate experience (other than buying/owning/etc.) or are you just someone with an interest in it all? Always interested in knowing what the non-agents advocates are all about (ie the infamous Dunes).

Matt Stigliano, Realtor®
RE/MAX Access
(210) 646-HOME
"Your all access pass to San Antonio real estate."
0 votes Thank Flag Link Wed Nov 17, 2010
Terrence, Monica is looking for a house and a lender, the lender responded with a quote!

Another example as to why realtors have no biz sticking their noses into finances

0 votes Thank Flag Link Wed Nov 17, 2010
My interest rate is 4.0% on a 30 year fixed. I am best qualified to help you.
0 votes Thank Flag Link Tue Nov 16, 2010

What you need is a plan. I'm in California but I may be able to help you.

Call me at 714.832.8802. No cost or obligation.

Richard Gayle
Web Reference:
0 votes Thank Flag Link Wed Nov 10, 2010
I recommend you reach out to obtain ways to enhance your credit score, in this market you will need atleast a 620 plus to seek a mortgage!
0 votes Thank Flag Link Wed Nov 10, 2010
Today buyers need higher credit scores than in the past.
Work hard to get it over 620.
0 votes Thank Flag Link Wed Nov 10, 2010
Do not go pay off all of your collections or debts. Doing this usually gives you no room to negotiate the removal of the items to help your credit score and in most cases will lower your score. I work with several borrowers that need credit help. I have found that with the credit repair system I have, most borrowers with a mid 500 to 600 credit score can usually be at a 640 or better within 60 days. Let me know if you need any help with your credit score.
0 votes Thank Flag Link Tue Nov 9, 2010

As a mortgage professional, the lowest credit score I currently see buyers able to qualify for is via an FHA purchase program that will go down to a 600 middle credit score (general FHA guidelines for most lenders are now 640 minimum). Your options presently are 1. Start your homebuying research now while increasing your credit score to at least a 600 (620+ much better) 2. Look at a Owner financing situation. Your interest rate will likely be higher than going through a Conventional/FHA Loan process because the Seller knows you aren't in as strong a financial situation and will want to be rewarded for taking on a 'riskier' loan, thus charging a much higher interest rate. Watch out for owner financing in excess of 8%, unless your know exactly what your getting yourself into. As a secondary option if you elect to do a Owner financed property, you can always refinance with a conventional loan once your credit score allows.

Good luck!
0 votes Thank Flag Link Sun Nov 7, 2010
there are a couple of options. If you can call or email me, I'd be willing to let you know what your options are.
Rhonda Zarate
Web Reference:
0 votes Thank Flag Link Fri Nov 5, 2010
I want to add something to the info already posted here. It is important to re-establish your credit, even if you have paid everything off. In order to do this you can get a secured credit card-one where you put cash as a deposit against what you charge on the card. Then use the card and pay the amount monthly. This is one of the BEST ways to rebuild your credit as quickly as possible. Go to to compare cards. Also, check out the link for an excellent article on using prepaid cards to re-establish your credit:
0 votes Thank Flag Link Thu Nov 4, 2010
Depends. You will probably need a large down-payment. You need cash or credit, not necessarily both.
0 votes Thank Flag Link Thu Nov 4, 2010
If a lender won't lend money to someone with such a low score, then why the heck should a seller make such a risk? A low score means that the person doesn't know how to control their money.
0 votes Thank Flag Link Thu Nov 4, 2010
Hi Monica,

You may consider seller financing as a path to homeownership. Your credit score is so low that probably there aren't many banks or lenders that would consider extending credit to you. You might consider getting your credit profile in good standing first and then look to homeownership which would be the more conservative way to go but long term the best way to set yourself up for success. Good luck!

Hannah Fliegel, FICO Pro
0 votes Thank Flag Link Thu Nov 4, 2010
Your best bet is to work with an agent that can recommend you with a good lender ho can help you get your scores up. The process is not easy, but if you are patient them it will pay up at the end.
I know a lender that has helped several of my clients to get their scores up in a matter of 6-12 mo and it is not one of those scam companies that say they will do something and end up hurting you more than helping you.

His name is Jon Nichols with Nichols home lending 210-789-2870 email

Please let me know if I can help you in any way, I would love to earn your business and help you in the process of getting your credit fixed and ready to purchase a home!!!!

Ana Ojeda
Keller Williams realty
Web Reference:
0 votes Thank Flag Link Wed Nov 3, 2010

Start with the Neighborhood Housing Services at 851 Steves Ave. You can go through their home buyer class and get credit improvement suggestions to get you in the buying position. It's very useful information about home purchasing and once you go through that program you can utilize their down payment assistance if you are interested.

I don't know if their December 4th class is full yet so call to inquire. 210-533-8624 or go to

Hope to see you there.
Web Reference:
0 votes Thank Flag Link Wed Nov 3, 2010
Hello Monicas,

It is possible, probably you're best bet is an owner finance.

I have several sellers that are willing to do an owner finance.

Feel free to give me a call.

Rose M. Perez
0 votes Thank Flag Link Wed Nov 3, 2010
A good way to find an agent who is comfortable with first time buyers is to go to a company with more than a few agents and talk to the managing broker of that company and have them refer you. Tell them your situation. The national franchised companies such as Coldwell Banker, ReMax, etc. tend to have the most agents in any given area.

Also, keep paying your bills on time. One late payment can really hurt you. Don't close any accounts, just pay them down or totally pay them off. If you can get your total amount owed on credit down to around 30% that would be ideal. Don't make any major purchases. Once you find a good Realtor to help you get recommendations from that Realtor about what lenders can help someone in your situation. A good lender can really help you find out what steps you need to take to rebuild your credit so that you can qualify for that new home. And I wish you the very best in achieving your goal of a new home. You may need to be patient and work to get that credit score up but home ownership is worth the effort and sacrifice.
0 votes Thank Flag Link Wed Nov 3, 2010
Yes it is possible, we need to look at what/why your credit is low. I can put you on a homebuyers club build your credit and give you advice how to increase and fix your credit. If you want to find out let me know. call me at 210-6460261 or send me an email.
0 votes Thank Flag Link Wed Nov 3, 2010
Monica...see my answer to your other posting about the Neighborhood Assistance Corporation of America. They won't even look at your credit score. It is irrelevant to them. There are no closing costs AND their interest rates are lower than market rates. Again, I can register you with obligation on your part. Good luck!
Web Reference:
0 votes Thank Flag Link Wed Nov 3, 2010
Hi Monicas.

You must get your credit score up!! Here's the best link and advice I can give you:


Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Wed Nov 3, 2010
Actually, you now need a 640 or better... You need someone familiar with Credit Scores to look over your report and tell you what to do. I gave you the number before, but just in case -- Phil Salemi, Town and Country Mortgage, 210-293-2323... seriously, he is awesome...
Web Reference:
0 votes Thank Flag Link Wed Nov 3, 2010
Monicas, That's a great question for a 1st time buyer. You need guidance and a Realtor who specialized in 1st time buyers is where you need to start. You need someone who will get you with a lender who will actually help you get your credit score where it needs to be so you can purchase a home. I'll be more than happy to help. Just give me a call at 210-365-2803.
0 votes Thank Flag Link Wed Nov 3, 2010

Yes, it is possible. On your previous question, I suggested you speak with Ampy Klonek, Townsquare Financial. She will be able to explain how and when this possibility can become a reality.
give her a call, 210-663-4746.

Gilbert Rodriguez
Century21-Scott Myers, Realtors
0 votes Thank Flag Link Wed Nov 3, 2010
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